Dewan Housing share hits upper circuit after Piramal gets RBI nod for acquisition

Dewan Housing Finance Ltd (DHFL) share hit upper circuit of 5% in early trade today after Reserve Bank of India (RBI) cleared Piramal Capital and Housing Finance's resolution plan for acquiring the bankrupt mortgage lender. The stock rose 4.99% to Rs 18.95 on BSE. Market cap of the firm stood at Rs 594 crore. DHFL share has gained 32.98% in the last 6 days.

The stock saw only buyers and no sellers. The share trades higher than 5 day and 200 day moving averages but lower than 20 day, 50 day and 100 day moving averages.

DHFL share has gained 74.65% in one year but fallen 36.09% since the beginning of this year. In a month, the stock has fallen 34.32%.

"We understand RBI has approved the DHFL resolution plan from Piramal Capital and Housing Finance Ltd, submitted by the CoC (committee of creditors)," Piramal Group said on Thursday.

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Debt-ridden DHFL's Committee of Creditors (CoC) had in January approved the resolution plan submitted by Piramal Capital for the company. It had pipped US-based Oaktree Capital to emerge as the winning bidder for DHFL. The CoC will now move to the National Company Law Tribunal (NCLT) for approval of Piramal Capital's resolution plan.

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